L’Oréal has been busy buying companies lately. The beauty giant’s newest acquisition is drugstore favorite NYX Cosmetics. Today L’Oréal announced a deal has been signed and although no numbers were disclosed, industry insiders speculate the purchase was around $500 million. NYX, which was founded by Toni Ko in 1999, has many social media followers and huge sales growth. “NYX is a dynamic company that has done a tremendous job of harnessing the power of social media, digital marketing and multichannel distribution. Both L’Oréal and NYX share a passion for innovation and a confidence in the strength and vitality of the color cosmetics market,” said Frédéric Rozé, L’Oréal USA president and CEO.
NYX, which is a Greek word meaning “goddess of the night,” will continue to operate out of Los Angeles under CEO Scott Friedman. “NYX has seen tremendous growth in the last decade and I have complete confidence that L’Oréal will remain true to its brand identity and mission, which is to provide high quality, innovative professional cosmetics for women around the world,” stated Ko, chairman and founder. The brand will join the likes of L’Oréal Paris, Maybelline New York, Garnier and Essie.
– Claire Mykrantz
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